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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
SHRI SANDEEP GOSAIN, JM, SHRI PRABHASH SHANKAR, AM
Quantum Real Estate & Property Development – Appellant
Versus
ITO, Ward – 11(1)(1) – Respondent
| Table of Content |
|---|
| 1. challenges to order on advance payments related to property acquisition. (Para 1 , 4 , 5) |
| 2. non-taxability of business advances under section 68. (Para 12 , 13 , 14) |
| 3. conclusive evidence supported the position of the assessee. (Para 16 , 19) |
| 4. final ruling confirmed allowance of appeal. (Para 20) |
ORDER
PERSANDEEP GOSAIN, JM:
This appeal has been filed by the assessee challenging the impugned order dated 22.05.2025 passed under section 250 of the Income Tax Act, 1961 (‘the Act’), by the National Faceless Appeal Centre (NFAC) / CIT(A) for the assessment year 2009-10.
2. Ground No.1, raised by the assessee is not being pressed therefore the same stands dismissed as not pressed.
3. Ground No. 2 & 3 raised by the assessee are interrelated and interconnected and relates to challenging the order of Ld. CIT(A) in sustaining the addition u/s 68 of the Act, therefore we have decided to adjudicate these grounds through the present consolidated order.
4. We have heard the counsels for both the parties, perused the material placed on record, judgements cited before us and also the orders passed by the revenue authorities. From the records we noticed that as per the facts of the
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